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CRC SELECT
MODIFIED GUARANTEED ANNUITY CONTRACT
HARTFORD LIFE INSURANCE COMPANY
FILE NO. 333-133693
SUPPLEMENT DATED JULY 26, 2006 TO THE PROSPECTUS DATED MAY 1, 2006
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24 HARTFORD LIFE INSURANCE COMPANY
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SUPPLEMENT DATED JULY 26, 2006 TO YOUR PROSPECTUS
ADDITION OF APPENDICES
The following Appendices are added to the prospectus:
APPENDIX A -- MODIFIED GUARANTEED ANNUITY FOR QUALIFIED PLANS
The CRC(R) (Compound Rate Contract) Select Annuity for Qualified Plans is a
group deferred annuity Contract under which one or more purchase payments may be
made. Plans eligible to purchase the Contract are pension and profit-sharing
plans qualified under Section 401(a) of the Internal Revenue Code (the "Code"),
Keogh Plans and eligible state deferred compensation plans under Section 457 of
the Code ("Qualified Plans").
To apply for a Group Annuity Contract, the trustee or other applicant need only
complete an application for the Group Annuity Contract and make its initial
purchase payment. A Group Annuity Contract will then be issued to the applicant
and subsequent Purchase Payments may be made, subject to the same $2,000 minimum
applicable to qualified purchasers of Certificates. While no Certificates are
issued, each purchase payment, and the Account established thereby, are
confirmed to the Contract Owner. The initial and subsequent purchase payments
operate to establish Accounts under the Group Annuity Contract in the same
manner as non-qualified purchases. Each Account will have its own Initial and
Subsequent Guarantee Periods and Guaranteed Rates. Surrenders under the Group
Annuity Contract may be made, at the election of the Contract Owner, from one or
more of the Accounts established under the Contract. Account surrenders are
subject to the same limitations, adjustments and charges as surrenders made
under a certificate (see "Surrenders"). Net Surrender Values may be surrendered
or applied to purchase annuities for the Contract Owners' Qualified Plan
Participants.
Because there are no individual participant accounts, the Qualified Group
Annuity Contract issued in connection with a Qualified Plan does not provide for
death benefits. Annuities purchased for Qualified Plan Participants may provide
for a payment upon the death of the Annuitant, depending on the option chosen
(see "Annuity Options"). Additionally, since there are no Annuitants prior to
the actual purchase of an Annuity by the Contract Owner, the provisions
regarding the Annuity Commencement Date are not applicable.
If you are purchasing the Contract for use in an IRA or other qualified
retirement plan, you should consider other features of the Contract besides tax
deferral, since any investment vehicle used within an IRA or other qualified
plan receives tax deferred treatment under the Code.
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HARTFORD LIFE INSURANCE COMPANY 25
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APPENDIX B -- MARKET VALUE ADJUSTMENT
The formula that will be used to determine the Market Value Adjustment is: [(1 +
i)/(1 + j)] TO THE POWER OF (n/12), where
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i = The Guarantee Rate in effect for the Current Guarantee Period
(expressed as a decimal, e.g., 1% = .01).
j = The Current Rate (expressed as a decimal, e.g., 1% = .01) in effect
for durations equal to the number of years remaining in the current
Guarantee Period (years are rounded to the nearest whole number of
years).
n = The number of complete months from the surrender date to the end of
the current Guarantee Period.
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EXAMPLE OF MARKET VALUE ADJUSTMENT (MVA)
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Beginning Account Value: $50,000
Guarantee Period: 5 years
Guarantee Rate: 5.50% per annum
Full Surrender: Middle of contract year 3
Last 12 months interest: $2,980
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EXAMPLE 1 (FEATURING A CURRENT RATE THAT IS HIGHER THAN THE GUARANTEE RATE):
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Gross surrender value at middle of Contract Year 3: = $50,000 (1.055)TO THE POWER OF 2.5 = $57,161.18
Net surrender value at middle of Contract Year 3: = ($57,161.18 - $2980 - (.05)($57,161.18 - $2980)) x
MVA + $2980
= $51,472.12 x MVA + $2980
Market Value Adjustment Calculation:
i = .055
j = .061
n = 30
MVA = [(1.055)/(1.061)]TO THE POWER OF 30/12
= .985922299
Net Surrender Value at middle of Contract Year 3: = $51,472.12 x MVA + $2980
= $51,472.12 x .985922299 + $2980
= $53,727.51
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EXAMPLE 2: (FEATURING A CURRENT RATE THAT IS LOWER THAN THE GUARANTEE RATE):
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Gross surrender value at middle of Contract Year 3: = $50,000 (1.055)TO THE POWER OF 2.5 = $57,161.18
Net surrender value at middle of Contract Year 3: = ($57,161.18 - $2980 - (.05)($57,161.18 - $2980)) x
MVA + $2980
= $51,472.12 x MVA + $2980
Market Value Adjustment Calculation:
i = .055
j = .050
n = 30
MVA = [(1.055)/(1.050)]TO THE POWER OF 30/12
= 1.011947313
Net Surrender Value at middle of Contract Year 3: = $51,472.12 x MVA + $2980
= $51,472.12 x 1.011947313 + $2980
= $55,067.07
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Note: These examples do not include any applicable taxes
THIS SUPPLEMENT SHOULD BE RETAINED WITH THE PROSPECTUS FOR FUTURE REFERENCE.
HV-5992